Smart Healthcare Market Growing at a CAGR of 24.55% During 2016 to 2020

Electronic health records (EHR) dominated the smart healthcare market by accounting for the largest market share. The analysts forecast global smart healthcare market to grow at a CAGR of 24.55% during the period 2016-2020.

The global smart healthcare market analyst says the latest trend gaining momentum in the market is involvement of big data analytics in healthcare. Big data analytics has played a major role in increasing the penetration of smart healthcare products in the market. Big data analytics is being predominantly used in the healthcare sector to understand patient insights. One of the major drivers of smart healthcare market is increased demand for remote monitoring of health conditions of aging population. Higher life anticipation has led to a major increase in the aging population and several chronic diseases, particularly in North America and Western Europe. The rise in chronic diseases, such as diabetes, cancer, arthritis, obesity, asthma, and heart diseases, among the aging population has driven the adoption of smart healthcare products

North America dominated the global smart healthcare market by accounting for the largest market share and will grow rapidly over the next four years. In this region, the US is anticipated to be the major revenue contributor and will be closely followed by Canada and Mexico.

The global smart healthcare market is highly fragmented and competitive due to the presence of a large number of regional and international players. With the growing influx of new entrants, the market will witness an increase in the competitive environment. Also, vendors are increasingly focusing on improving their market share and market size by entering joint ventures and partnerships. Furthermore, these vendors are increasingly focusing on differentiating their products by offering innovative and cost-effective solutions.

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